Tribhovandas Bhimji Zaveri Limited has entered the share market today on the auspisius occasion of “Akshaya Tritiya”. They offerred an Initial Public Offering (IPO) of 16,666,667 Equity Shares of Rs 10 each to the public. The IPO got fully subscribed on the last day of subscription and got 1.15 times subscription. The premium of the issue will be decided through a 100% Book Building Process. The price band for the issue has been fixed at Rs 120 at lower level and Rs 126 at upper level. Tribhovandas Bhimji Zaveri is a manufacturer and seller of gold and diamond studded jewellery. It has 14 showrooms in nine cities across five states in India and is planning to open additional 44 showrooms (26 large format high street showrooms and 18 small format high street showrooms) by the end of fiscal 2014. It has its manufacturing unit located in Kandivali, Mumbai and has a total of 904 employees.

The proceeds of the IPO amount would be used by the management to setting up new showrooms and for working capital needs.